Buy Brigade Enterprises, target price Rs 632: HDFC Securities

HDFC Securities has buy call on Brigade Enterprises with a target price of Rs 632. The current market price of Brigade Enterprises is Rs 509.25.

Brigade Enterprises Ltd., incorporated in the year 1995, is a Mid Cap company (having a market cap of Rs 11720.84 Crore) operating in Real Estate sector.

Brigade Enterprises Ltd. key Products/Revenue Segments include Income From Real Estate Development, Lease Rentals, Other Services, Other Operating Revenue for the year ending 31-Mar-2022.



Financials
For the quarter ended 30-09-2022, the company reported a Consolidated Total Income of Rs 912.19 Crore, down -.88 % from last quarter Total Income of Rs 920.28 Crore and up 17.54 % from last year same quarter Total Income of Rs 776.08 Crore. Company reported net profit after tax of Rs 51.75 Crore in latest quarter.

Investment Rationale
Given BEL’s strong cash position of INR 18bn, a robust business development pipeline, and a healthy balance sheet, the brokerage remains constructive.

Promoter/FII Holdings
Promoters held 43.82 per cent stake in the company as of 30-Sep-2022, while FIIs owned 13.31 per cent, DIIs 25.28 per cent.